topic Re: Balance Transfer Cards in Credit Cards

Balance Transfer Cards

Anonymous — Sat, 21 Nov 2015 16:17:24 GMT

So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

Re: Balance Transfer Cards

Kb109 — Sat, 21 Nov 2015 16:19:32 GMT

Hmmm, I would see if they could raise your limit so the card doesn't appear to be maxed out.

Re: Balance Transfer Cards

Anonymous — Sat, 21 Nov 2015 16:22:34 GMT

@Anonymous wrote:
So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

Couple things. It's fine to transfer that much to the card but don't just make minimum payments for months on end. Even with O% offers its a good practice to make at least 2-3 times the minimum payment. Also you should know that with a $4000/$4500 balance your credit scores are going to take a hit for that high of utilization on one card. The scores will go back up as you pay the balance down.

Re: Balance Transfer Cards

Anonymous — Sat, 21 Nov 2015 17:11:46 GMT

Thanks for the replies!

For utilization, I thought what counted was overall utilization? So if I transfer that balance, it's not like my overall utilization will go up. Am I thinking about this the wrong way?

Re: Balance Transfer Cards

baller4life — Sat, 21 Nov 2015 17:17:23 GMT

Fico will also ding you for util on individual cards not just overall. So if you don't care about a temporary score drop,go for it. But, like Irish said, be sure to make 2 or 3 times the minimum payment. 😉

Re: Balance Transfer Cards

NRB525 — Sat, 21 Nov 2015 17:37:50 GMT

@Anonymous wrote:
So I just opened a Slate and I was given a limit of $4,500. I want to transfer about 4k in balance that I have on my other card. How closely do companies such as Chase look at utilization for BT cards such as the Slate? I want to transfer all of it so that my entire CC balance sits in one card, which would make it easier to keep organized. Any thoughts?

You say "other card" singular? What is the other card? No other cards besides these two now?

How long is the 0% APR on the BT? Can you pay off the $4k completely in that time period with 0% APR in effect?

Re: Balance Transfer Cards

Anonymous — Sat, 21 Nov 2015 18:12:07 GMT

The other card is an AMEX BCE, my introductory 0% APR runs out in December. I have a few other cards, but they're paid off so it's just the AMEX that carries a balance really. And the 0% APR is at least 18 months, so I should definitely be able to pay it off before then.

Re: Balance Transfer Cards

NRB525 — Sat, 21 Nov 2015 18:37:09 GMT

@Anonymous wrote:
The other card is an AMEX BCE, my introductory 0% APR runs out in December. I have a few other cards, but they're paid off so it's just the AMEX that carries a balance really. And the 0% APR is at least 18 months, so I should definitely be able to pay it off before then.

Which other cards and limits for each card?

Re: Balance Transfer Cards

Anonymous — Sat, 21 Nov 2015 19:02:45 GMT

Discover 0/10500

Quicksilver 0/2000

CSP 500/8000

BCE 4500/25000

However, none of them still offer the introductory 0% APR. I guess I could try to transfer about 3k of my CSP limit to the Slate? Anyone have any luck doing that? I don't even know if it's possible actually.

Re: Balance Transfer Cards

NRB525 — Sat, 21 Nov 2015 19:04:39 GMT

Call up Discover and ask them if you have any 0% BT offers.

Or, just check on-line with your Discover account to see if there are any 0% BT offers already there. There probably are, Discover and BofA do this all the time. all the time. every month.

Re: Balance Transfer Cards

Anonymous — Sun, 22 Nov 2015 01:49:37 GMT

Ideally it would be nice to have a little more wiggle room but it's okay to BT your balances to one card. I usually like to only have one card reporting as well. It makes life simpler. Your utilization will take a temporary hit but your scores will rebound. Using most of your available credit and gradually paying it down, will show lenders that you know how to manage large balances. My only suggestion... please make sure you pay more than the minimum payment each month. Congrats on the consolidation and enjoy the benefits of your hard work!